| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 12.5K | 3.8% |
| Total Income | 12.5K | 3.8% |
| Expenditure | 12.1K | 5.1% |
| PBT | 335.00 | 40.8% |
| Net Profit | 152.00 | 65.7% |
| OPM | 3.25% | 1.19pp |
| NPM | 1.22% | 2.47pp |
| EPS | — |
Plains All American Reports First-Quarter 2026 Results, Raises 2026 Guidance
08 May 2026 · 8 May, 6:21 pm
Summary
Plains All American Pipeline, L.P. reported first-quarter 2026 results, with a net income attributable to PAA of $152 million and an Adjusted EBITDA of $730 million. The company is increasing the midpoint of its full-year 2026 Adjusted EBITDA guidance by $130 million to $2.880 billion. The increase reflects a constructive oil macro environment and extended ownership of the Canadian NGL business into May. The company paid a quarterly cash distribution of $0.4175 per unit, representing a yield of approximately 7.5%.
Key Highlights
- 1
Plains All American Pipeline reported a first-quarter net income attributable to PAA of $152 million.
- 2
The company delivered a first-quarter Adjusted EBITDA attributable to PAA of $730 million.
- 3
The pro forma leverage ratio was 4.1x at quarter-end, with expectations to return toward the midpoint of the target range of 3.25 to 3.75x following the closing of the NGL divestiture.
- 4
A quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized) was paid, representing a current distribution yield of approximately 7.5%.
- 5
The midpoint of full-year 2026 Adjusted EBITDA guidance attributable to PAA is increased by $130 million to $2.880 billion +/- $75 million.
- 6
Full-year 2026 Adjusted Free Cash Flow guidance is increased to approximately $1.850 billion, excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture.
- 7
First-quarter 2026 Adjusted EBITDA from Crude Oil increased 4% versus comparable 2025 results.
Management Comments
Willie Chiang
“Global events this year illustrate the importance of reliable, secure and responsibly produced energy and have accelerated the timing of our view for a more constructive crude oil market. Our integrated business model and asset base connecting U.S. crude production to the global markets are critical to meeting global energy demand. As a result, we are increasing the midpoint of our 2026 Adjusted EBITDA guidance by $130 million to reflect a constructive oil macro environment and extended ownership of our Canadian NGL business into May. The closing of the NGL divestiture will mark a transition to a premier pure play crude oil midstream provider. We remain focused on executing key initiatives in 2026, including closing the pending NGL sale and realizing $100 million of contribution between Cactus III synergies and capturing efficiencies across our system. The combination of these internal initiatives coupled with a healthy oil macro backdrop positions Plains with momentum into 2027 and beyond. Finally, we remain committed to financial discipline and maintaining a strong balance sheet, while continuing to return capital to unit holders.”
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